Mr. Williams, the owner of Williams Produce, wants to maintain control over accounts receivable. He understands that days’ sales in receivables and accounts receivable turnover will give a good indication of how well receivables are being managed. Williams Produce does 60% of its business during June, July, and August. Mr. Williams provided the pertinent data:
| For Year Ended Don't use plagiarized sources. Get Your Custom Essay on compute the accounts receivable turnover for the period ended july 544341 For $10/Page 0nly | For Year | |
| December 31, | Ended | |
| 2000 | July 31, 2000 | |
| Net sales | $800,000 | $790,000 |
| Receivables, less allowance for doubtful accounts | ||
| Beginning of period (allowance | ||
| January 1, $3,000; August 1, $4,000) | 50,000 | 89,000 |
| End of period (allowance December 31, | ||
| $3,500; July 31, $4,100) | 55,400 | 90,150 |
Required a. Compute the days’ sales in receivables for July 31, 2000, and December 31, 2000, based on the accompanying data.
b. Compute the accounts receivable turnover for the period ended July
31, 2000, and December 31, 2000. (Use year-end gross receivables.)
c. Comment on the results from (a) and (b).
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